Filing Flows › PennyMac Financial Services (PFSI) › Q1 2026
PennyMac Financial Services (PFSI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
PennyMac Financial Services (PFSI) reported revenue of $545M for the first quarter 2026 (Q1 2026), +26% from a year earlier and +1% from the quarter before. Operating margin was 19.2%, net earnings $82.3M (15.1% of revenue).
PennyMac Financial Services, Q1 2026: revenue $545M (+26% year over year), operating margin 19.2%, net earnings $82.3M, operating cash flow −$1.3B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $545M | +1% | +26% |
| Operating profit | $105M | -22% | +0.5% |
| Net earnings | $82.3M | -23% | +8% |
| Operating cash flow | −$1.3B | — | -226% |
What changed
Revenue was $545.0M in Q1 2026, up 26% year over year and up 1% from the previous quarter.
Operating profit was $104.7M, a 19.2% margin (down 5.0 points year over year). Of the extra revenue versus Q1 2025, 0% reached operating profit, below the 24% margin then. Total costs grew 35% against revenue growth of 26%. Net earnings were $82.3M, up 8% year over year. The effective tax rate was 21.4%.
Operating cash flow was −$1,342.0M. Non-cash charges added back $13.5M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items used $1,440.3M. Capital expenditures of $2.2M exceeded it, leaving free cash flow of −$1,344.2M.
Questions
What was PennyMac Financial Services' revenue in the first quarter 2026?
PennyMac Financial Services (PFSI) reported revenue of $545M for the first quarter 2026 (Q1 2026), +26% from a year earlier and +1% from the quarter before.
Was PennyMac Financial Services profitable in the first quarter 2026?
Operating profit was $105M (19.2% of revenue) and net earnings $82.3M.